19.1. The standard contract referred to in section 19 may also provide that the purchaser is entitled to the payment of a temporary income that he determines if he meets the following requirements:
(1) makes an application to the financial institution to that effect, accompanied with a declaration in conformity with the one prescribed in Schedule 0.4;
(2) is at least 54 years of age but under 65 years at the end of the year preceding the application.
In such case, the contract must also provide:
(1) that if the payment of a portion of the income is made in the form of a transfer to a retirement savings instrument of which the balance is not to be converted to a life annuity, such portion may not exceed the upper limit referred to in section 20, determined by assuming that the purchaser is not entitled to payment of a temporary income;
(2) that the temporary income may not be paid after the end of the year in which the purchaser reaches 65 years of age.